Currently, I am studying my 2 yr program and graduating in April 2016 and my passport expiring in 2018. As I am eligible for 3 yr work permit, but if I apply next year I could only obtain work permit for 2 years. Would it be possible for me to seek another year work permit after renewal of my passport?
If it's not possible to renew your passport beforehand, then hopefully, you can apply to extend your work permit.
I would suggest you call cic and get firsthand information on this.
Hope this helps